21.Jul .2021 14:30

Why Banks Do Not Offer Child Deposits To The Customers Any Longer?

Why Banks Do Not Offer Child Deposits To The Customers Any Longer?
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In the fall of last year, the amendment was made to the Code on The Rights of The Child. According to the amendment, disposal of real estate or movable property owned by a child worth more than 1000 GEL by the parent or other legal representative is allowed only with the consent of the court.

However, explanations were soon made, according to which the amendment did not touch upon the child deposits.

Almost a year has passed since these changes and as we have learned, specific commercial banks have refused to offer this product.

According to the Banking Association of Georgia, commercial banks have already offered alternative products to consumers.

"The mentioned product did not disappear, commercial banks created other products, which has replaced the mentioned child deposit. The difference is that new deposit has one beneficiary, who places the amount and benefits from it as well," said Alexander Dzneladze, head of the Banking Association.

According to the Banking Association, although today children's deposits are no longer offered by specific commercial banks, work on children's deposits is still underway.

The head of the banking association says that the mentioned product will be offered to the customers in a new way.